News: NFP @ 8:30AM
Daly Chart notes: ES is managing to hold above the 1298 area. We did dip down to 1290 on a test by the sellers and selling shut off at 1290 as expected. We bounced back up and market is waiting for NFP at 8:30AM
MP Notes: ES tested down to 1290 area and bounced back up to the high of the balance area as expected. We have been balancing in a range 1298-1306 above the previous balance area. Yesterday say ES test 1290 then bounce up trading value most of the day the closed above value at the end of the day. Buyers are still in control. Globex balanced in a small range over night waiting for the big NFP release at 8:30AM. We have a bullish macro structure but we will have to wait for the release to see how the market reacts to the news.
Trade plan: Buyers are still in control above 1290 area and ES is set up with a bullish structure. We have to wait for the NFP release to see how the market reacts to it. In the case of a bearish reaction ES could trade back down into the range of previous value. And we could see a possible long liquidation type day again. I would expect selling to shut off buy 1274 area and will look to get short to join the move. In the case of a bullish reaction i expect ES to make new highs on the year and i will look to catch pullbacks into support area on the 30 min chart to go-long with the move. Over all i will be patient and let the market tell me what it wants to do.
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